Saudi Arabia, Russia agree to freeze oil output levels

In an attempt to end a global glut of crude oil, the world’s two largest producers are leading a tentative deal to freeze output levels.

At a meeting held in Doha, Qatar, oil ministers from Saudi Arabia and Russia agreed to keep output at January levels. The host country and Venezuela also have agreed to the measure.

The pressure is now on Iran, which announced it would increased 2016 output to 500,000 barrels per day in the wake of lifted export sanctions.

Citing a Deloitte study released Tuesday, Fortune reports current crude prices put one-third of publicly traded oil companies at a high risk of bankruptcy.

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